You may be eligible for income-driven repayment (IDR) loan forgiveness if you have been in repayment for 20 or 25 years.
An IDR plan bases your monthly payment on your income and family size. If you repay your loans under an IDR plan, any remaining balance on your student loans will be forgiven after you make a certain number of payments over 20 or 25 years. Past periods of repayment, deferment, and forbearance might now count toward IDR forgiveness because of the one-time IDR adjustment that will occur in 2024. Borrowers with certain non-Direct loans may need to take action by the end of 2023 to benefit from this adjustment.
In summer 2023, we began implementing the Saving on a Valuable Education (SAVE) Plan, which is our most affordable repayment plan ever. Borrowers who have signed up for the current REPAYE plan will be automatically enrolled in SAVE.
If you’re already on an IDR plan, check to see if you’re on the REPAYE Plan by logging in to StudentAid.gov and going to your My Aid page. There, you can scroll down and view your loans. Each loan will list a repayment plan. If you see that you’re in the REPAYE Plan, you’ll automatically be enrolled in the SAVE Plan.
If you’re on a different repayment plan, you’ll need to switch into REPAYE now, or SAVE once it’s available, to receive the benefits of the SAVE Plan. If you don’t have a StudentAid.gov account, you can create an account.
Note: If you have Parent PLUS loans, you must consolidate your loans to become eligible for an IDR plan.
Apply for IDR Plan